North American Reserve Rare Coins (NARRC) was formed on January 1, 2018. Additional data for the year follow: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Prepare NARRC's income statement for the year ended December 31, 2018. Use the single-step format, with all revenues listed together and all expenses listed together. North American Reserve Rare Coins Income Statement Year Ended December 31, 2018 Revenue: Expenses: Total Expenses Net Income More Info i Requirements 1. Prepare NARRC's income statement for the year ended December 31, 2018. Use the single-step format, with all revenues listed together and all expenses listed together. 2. Prepare NARRC's balance sheet at December 31, 2018. 3. Prepare NARRC's statement of cash flows for the year ended December 31, 2018. Format cash flows from operating activities by the direct method. a. On January 1, 2018, NARRC issued no par common stock for $500,000. b. Early in January, NARRC made the following cash payments: 1. For store fixtures, $47,000 2. For merchandise inventory, $340,000 3. For rent expense on a store building, $10,000 c. Later in the year, NARRC purchased merchandise inventory on account for $241,000. Before year-end, NARRC paid $161,000 of this accounts payable. d. During 2018, NARRC sold 2,900 units of merchandise inventory for $250 each. Before year-end, the company collected 85% of this amount. Cost the year was $310,000, and ending merchandise inventory totaled $271,000. e. The store employs three people. The combined annual payroll is $96,000, of which NARRC still owes $2,000 at year-end. f. At the end of the year, NARRC paid income tax of $15,000. There are no income taxes payable g. Late in 2018, NARRC paid cash dividends of $42,000. h. For store fixtures, NARRC uses the straight-line depreciation method, over five years, with zero residual value. Print Done Print Done